Victory CEMP International High Div Volatility Wtd
ALTAR
Score™
8.7% info Recommen-
dation
SPECULATIVE
2019E    2020E
P/E
ratio
11.6x P/Sales
ratio
0.9x
P/BV
ratio
1.2x Div.
yield
5.5%


  • Description
  • Performance
  • Comps
  • premium Fundamentals
  • premium Valuation
  • premium Rating
The Victory CEMP International High Div Volatility Wtd ETF tracks an index of about 100 developed-market stocks outside the US, screened for positive earnings and high dividend yield, and weighted inversely by volatility.

FUND BASICS
Category International Equities
Fund Sponsor Victory Capital Management
Website www.compassempfunds.com
Inception date Aug 19, 2015
Assets (mns) $88
Currency USD
Expense ratio 45 bp
Distributions Monthly

FUND STRUCTURE
Regulation Open-Ended Fund
Custodian
Weighting Volatility
Index replication
Uses derivatives No
Options available No

SECTOR BREAKDOWN

 


CONSTITUENT BREAKDOWN
No. of constituents 100
Wgt avg mkt cap (mns) $39,839
Large cap (>$10bn) 93.2%
Mid cap ($2-10bn) 6.8%
Small cap (<$2bn) 0.0%
Developed mkts 96.9%
Emerging mkts 3.1%

TOP TEN HOLDINGS
TELUS CORPORATION 2.1 %
HONGKONG ELECTRIC HOLDINGS 1.8 %
BCE INC. 1.8 %
POWER FINANCIAL CORP 1.6 %
SHAW COMMUNICATIONS INC-B 1.5 %
GREAT-WEST LIFECO INC 1.4 %
GLAXOSMITHKLINE PLC 1.4 %
LEGAL & GENERAL GROUP PLC 1.4 %
PEMBINA PIPELINE CORP 1.4 %
ORANGE SA 1.3 %
Total 15.6 %

TOP COUNTRY EXPOSURE
BRITAIN 20.4 %
CANADA 10.6 %
JAPAN 10.1 %
FRANCE 9.9 %
AUSTRALIA 8.3 %
SPAIN 6.1 %
SWEDEN 5.5 %
FINLAND 4.6 %
HONG KONG 4.3 %
GERMANY 4.1 %

HISTORICAL PERFORMANCE info

  Custom date range Compare to  
  thru


Standardized Annual Returns (thru December 31)
Year-to-date 1 year 5 years 10 years Since Incep.
19.4% 19.4% -- -- 4.5%

Market Correlations
versus... Beta R-squared
S&P500 0.65 56%
MSCI EAFE 0.92 92%
MSCI Emg. Mkts. 0.65 78%

Technical Indicators
Recent close $33.83
30d moving avg. $33.73
Annualized volatility 10.5%
Short interest (ETF) 0.3%
Relative strength (RSI) 66

Liquidity measures
Avg. volume (thou.) 16
Turnover 0.6%
Bid/Ask (% of price) 0.20%
ADV underlying (mns) $7,120

Distributions


FINDING ALTERNATIVE FUNDS

Below is a list of 20 potential alternatives to the Victory CEMP International High Div Volatility Wtd ETF based on the alternatives' overlap in portfolio holdings with CID. Consider funds with lower expense ratios and/or higher ALTAR Score™ ratings as possible alternatives.

Benchmark ticker: CID Expense: 45 bp ALTAR Score™: 8.7%


ALTERNATIVE ETFs BASED ON OVERLAP WITH CID
Ticker Fund
Name
Overlap1
vs CID
(%)
Expense
ratio
(bp)
Savings
vs CID
(bp)
ALTAR
Score™
(%)
ALTAR
vs CID
(%)
DOO WisdomTree Int'l Dividend Ex-Financials 42.1 58 -13 7.8 -0.9
RIDV Invesco International Ultra Dividend Revenue ETF 38.0 42 3 8.8 +0.1
DTH WisdomTree DEFA Equity Income 36.8 58 -13 8.2 -0.5
IDOG ALPS International Sector Dividend Dogs 34.1 50 -5 7.9 -0.8
EFV iShares MSCI EAFE Value 31.4 38 7 8.8 +0.1
IDY Pacific Global International Equity Income 31.3 39 6 8.0 -0.7
DOL WisdomTree Int'l Large Cap Dividend 31.1 48 -3 7.5 -1.2
LVHI Legg Mason International Low Volatility High Dividend 29.2 40 5 8.9 +0.2
HDEF Xtrackers MSCI EAFE High Div Yld Hedged 28.6 20 25 8.4 -0.3
FIDI Fidelity International High Dividend 27.4 39 6 9.9 +1.2
FGD First Trust DJ Global Select Dividend 27.1 58 -13 9.2 +0.5
IDV iShares DJ Int'l Select Dividend 26.1 49 -4 8.3 -0.4
IDHD Invesco S&P Intl Developed High Div Low Volatility 25.8 30 15 6.4 -2.3
FIVA Fidelity International Value Factor 25.5 39 6 9.0 +0.3
VYMI Vanguard Int'l High Dividend Yield 25.0 32 13 9.0 +0.3
DDWM WisdomTree Dynamic Currency Hedged Int'l Equity 24.9 35 10 7.6 -1.1
DWM WisdomTree DEFA Fund 24.8 48 -3 7.4 -1.3
IVLU iShares MSCI Int'l Developed Value Factor 24.4 30 15 10.1 +1.4
HDAW Xtrackers MSCI All World ex US High Div Yield 24.1 20 25 9.6 +0.9
PXF Invesco FTSE-RAFI Developed ex-US 22.2 45 0 7.9 -0.8

1Overlap is the percentage of holdings by weight that are identical. For example, if Fund A has a 2% position in Apple, Inc. (AAPL) and Fund B has a 5% position, their overlapping position in AAPL is 2%.

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RESULTS & ESTIMATES

  2014 2015 2016 2017 2018 2019E 2020E
Sales per share ** ** ** ** ** ** **
Earnings per share ** ** ** ** ** ** **
Dividends per share info ** ** ** ** ** ** **
Book value per share ** ** ** ** ** ** **

 

Sales per share growth   **% **% **% **% **% **%
EPS growth   **% **% **% **% **% **%

Sales per share growth   **% **% **% **% **% **%
EPS growth   **% **% **% **% **% **%

OTHER FUNDAMENTAL METRICS

Long term EPS growth est. **%   Debt-to-equity **x
Asset turnover **%   Assets-to-equity **x

Return on equity

Revision activity*
*Six months ago = 100

Net margins

Compound annual growth rates

Content on this tab for subscribers only

VALUATION METRICS
  2018 2019E 2020E
Price-to-sales ** ** **
Price-to-earnings ** ** **
Price-to-cash flow ** ** **
Price-to-growth ** ** **
Price-to-book value ** ** **
Yield ** ** **

Historical valuation trends

Forward
multiple:
Victory CEMP International High Div Volatility Wtd
Relative
to:
S&P500 MSCI EAFE MSCI Emg. Mkts. Other ETF:

SPECULATIVE

Deeply undervalued but risky. A rating of SPECULATIVE is assigned to ETFs with ALTAR Scores in the top quintile (the top 20%) of their category, indicating exceptional appreciation potential. However, often these are narrowly-focused funds or in industries with structural issues, which may also make them very risky. Nonetheless they may still be useful as part of a well-diversified portfolio.

ALTAR Score™


Calculation of ALTAR Score™
Avg. Return on Equity 10.9 %
Divided by: Fwd. P/BV 1.2 x
Less: Expense ratio 45 bp
Equals: ALTAR Score 8.7 %
info More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS
COMPOSITE
RATING
1.69 CATEGORY
AVERAGE
1.63
 
The composite rating is a weighted average of analysts' consensus recommendations for individual ETF constituents, based on the following scale:

BUY = 1; OVERWEIGHT = 1.5, HOLD = 2; UNDERWEIGHT = 2.5; and SELL = 3.

Readers are cautioned that because analyst ratings tend to be inflated, the composite score may be more useful as a relative measure of sentiment between funds rather than as a stand-alone recommendation.
 

 

See RATING tab for calculation of ALTAR Score™
Risk & reward. Uses std. dev. as proxy for risk, ALTAR Score™ for return forecast.
Dividends paid by constituents to the fund. May differ from actual distributions to shareholders due to constituent changes, timing issues or other factors.
Monthly returns based on changes in price plus dividends. May differ from daily returns reported by funds. See below for standardized returns.